Pediatrix Growth Continues With Acquisition of Jacksonville Neonatal Physician Group Practice
FORT LAUDERDALE, Fla.--(BUSINESS WIRE)--Dec. 8, 2004--Pediatrix Medical Group, Inc. (NYSE:PDX), the nation's largest provider of newborn and maternal fetal physician services, has completed the acquisition of a neonatal physician group practice based in Jacksonville, Florida.
The practice is comprised of four neonatal physicians and three neonatal nurse practitioners who staff the neonatal intensive care units (NICUs) and well-baby nurseries at both St. Vincent's Medical Center and St. Luke's Hospital. The units have combined patient volume of almost 5,000 annual NICU patient days and more than 6,000 well-baby patient days.
"We've worked hard over the years to build our practice and the opportunities of working as part of Pediatrix, with all of the resources they bring to physicians, are very exciting to us," said Ronald P. Carzoli, Jr., M.D., who is one of the founding physicians of the Jacksonville practice and will serve as Pediatrix's medical director in that city. "As part of Pediatrix's national group practice, we're confident that many of the administrative burdens associated with managing a practice will be reduced, allowing our group to dedicate more resources to patient care."
Pediatrix paid cash for the Jacksonville practice and it expects the transaction will be immediately accretive to earnings per share. Specific terms were not disclosed.
During 2004 Pediatrix has completed the acquisition of 11 physician group practices that provide patient care in four subspecialties - neonatal intensive care, maternal-fetal medicine, pediatric intensive care and pediatric cardiology.
Pediatrix was founded in 1979. Pediatrix physicians and advanced nurse practitioners are reshaping the delivery of maternal-fetal and newborn care, identifying best demonstrated processes and participating in clinical research to enhance patient outcomes and provide high-quality, cost-effective care. Its neonatal physicians provide services at more than 200 NICUs, and through Obstetrix, its perinatal physicians provide services in many markets where Pediatrix's neonatal physicians practice. Combined, Pediatrix and its affiliated professional corporations employ more than 750 physicians in 31 states and Puerto Rico. Pediatrix is also the nation's largest provider of newborn hearing screens and newborn metabolic screening. Additional information is available at http://www.pediatrix.com.
Certain statements and information in this press release may be deemed to be "forward-looking statements" within the meaning of the Federal Private Securities Litigation Reform Act of 1995. Forward-looking statements may include, but are not limited to, statements relating to our objectives, plans and strategies, and all statements (other than statements of historical facts) that address activities, events or developments that we intend, expect, project, believe or anticipate will or may occur in the future are forward-looking statements. These statements are often characterized by terminology such as "believe", "hope", "may", "anticipate", "should", "intend", "plan", "will", "expect", "estimate", "project", "positioned", "strategy" and similar expressions, and are based on assumptions and assessments made by Pediatrix's management in light of their experience and their perception of historical trends, current conditions, expected future developments and other factors they believe to be appropriate. Any forward-looking statements in this press release are made as of the date hereof, and Pediatrix undertakes no duty to update or revise any such statements, whether as a result of new information, future events or otherwise. Forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties. Important factors that could cause actual results, developments, and business decisions to differ materially from forward-looking statements are described in Pediatrix's most recent Annual Report on Form 10-K, including the section entitled "Risk Factors."
CONTACT: Pediatrix Medical Group, Inc., Fort Lauderdale Bob Kneeley, 954-384-0175, x-5300 firstname.lastname@example.org SOURCE: Pediatrix Medical Group, Inc.